May 2016 Market Update

May 2016 Market Update

May 2016 Market UpdateHome sales accelerated in March, rebounding from February’s slight decline and outpacing the same time last year. Buyers were out in full force, despite a mixed market in terms of both price growth and inventory levels. Those searching for starter homes faced the tightest inventories as well as increases in price, while the luxury market experienced higher inventory levels and modest price gains.

Interest Rates

Interest rates ticked down slightly from the month prior and remain at historically low levels. The Federal Reserve refrained from raising interest rates in April. Rates will likely remain low, but may begin to trend upward as the next Federal Reserve meeting in June approaches.

Home Sales

The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of 5.3 million homes during the month of March. This was an increase of 5.1 percent from February, and an increase of 1.5 percent from March of last year. Currently, 2016 is projected to outpace 2015 by approximately 720,000 total home sales.

Home Price

The median home price was $222,700 in March, which was up 5 percent from February and up 5.7 percent from last year. The median home price has increased by approximately $12,000 in the past year alone.

Inventory

There was a 4.5-month supply of housing inventory in March, up from 4.4 months in February. The total number of homes for sale in March increased by 2.3 percent to 1.98 million homes nationwide, but that was still 30,000 fewer listings than March of last year.

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